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2023-12-31-accounts

Company Registration Number 04272555 Charity Registration Number 1097502

International Buddhist Progress Society (Manchester) Limited

(A Company Limited By Guarantee) Financial Statements Year Ended 31 December 2023

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023

Page
1 Report of the Trustees
7 Independent Examiner’s Report
8 Statement of Financial Activities
9 Balance Sheet
10-15 Notes to the Financial Statements

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED LEGAL AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 DECEMBER 2023

Directors Venerable Sheung Lin Florence Chiu
Reverend Yu Ju Lin
Ms Fong Goh Lee
Venerable Yin Ping Lee
Venerable Shu-Wen Peng
Secretary Venerable Yin-Ping Lee
Registered Office 540 Stretford Road
Old Trafford
Manchester
M16 9AF
Company Registration Number 4272555
Charity Registration Number 1097502
Independent Examiner Wai Wah David Chan FCA
WW Chan Accountancy Limited
International House
61 Mosley Street
Manchester
M2 3HZ
Bankers Lloyds Bank
98 Victoria Street
London
SW1E 5JL

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL STATEMENTS

The management committee which is the Board of Directors of the Society for the purposes of company law and trustees for charity law purposes presents its report and the financial statements for the year ended 31 December 2023, which comply with current statutory requirements and the charitable company’s deed of trust.

These financial statements present the results of activities at the Fo Guang Shan Temple at Manchester.

CHARITY ORGANISATION

The company was set up on 1 January 2002, following the separation from our sister temple in London. The charitable company which is limited by guarantee was granted Charity Status by the Charities Commission on 13th May 2003. The charitable company is also governed by a deed dated 17 August 2001.

Fo Guang Shan is a branch of Humanistic Buddhism, and was established by Grand Master Hsing Yun in 1967. The organisation is based in Taiwan, and has branches across the world including Los Angeles, Hong Kong, Sydney, Cape Town and Toronto.

Taiwan is where the monastic training is undertaken. Many lay people undertake monastic training to spread Buddhism around the world. Once they achieve a certain level of training, they are qualified to leave Taiwan headquarters.

The IBPS (Manchester) Limited, charity registration number 1097502, is one of the branches of Fo Guang Shan in England, and operates from premises in Manchester. During the year under review the monastic in Manchester were Venerable You Shun and Venerable Miao Heng. In November they were joined by Venerable Zhi Quan. Our sister branch in this country is IBPS (UK) operating from premises in London.

The Venerables are sent all over the world to spread Buddhism, and it depends on where they are sent. Upon arrival they may be appointed as a trustee by the main monastery in Taiwan. This will depend upon their level of experience.

Trustee training is given in Taiwan, with a probation period of one year for newly appointed trustees

Direction is provided from Taiwan where all Venerables sit in Conference, and is brought back to their relevant branch. The framework is modified by Taiwan but local decisions are made by the resident monastics.

DIRECTORS

The directors of the charitable company are also the charity trustees of the IBPS (Manchester). The directors in office during the year and currently were:

Venerable Sheung Lin Florence Chiu Reverend Yu Ju Lin Ms Fong Goh Lee Venerable Yin Ping Lee Venerable Shu-Wen Peng

In accordance with the charitable company’s Articles of Association, all the directors are required to retire and being eligible, may offer themselves for re-election by the members.

Directors are recruited from amongst those supporters of the Society whom the Committee considers can provide valuable service in this position. They are normally appointed at the Annual General Meeting but the Committee itself can appoint directors to fill vacancies.

1

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

OBJECTIVES OF THE INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED [IBPS (Manchester)]

The IBPS (Manchester) has the following objects:

The IBPS (Manchester) also has the following mission:

We have aimed to continue to develop closer links with the neighbourhood and local community, as such to bring compassion and spread Buddhism to those less fortunate. Furthermore, to encourage racial tolerance and harmony amongst all with strategies to achieve this objective include ice-breaking with the neighbours.

Through the power of music and cultural events, we also aim to encourage the study of Buddhism and put theory into practise.

Our main objective in the year is reflected in the phrase composed by Grand Master Hsing Yun. This year the phrase is “May Benevolence and Harmony Bring Peaceful Wellbeing, Let Abundance and Joy Yield Auspiciousness” and this has been a common theme throughout our activities.

In planning the activities of the Charity, the Trustees have had due regard to the guidance on Public Benefit issued by the Charity Commission, and in particular the supplementary guidance on the advancement of religion for the public benefit.

REVIEW OF ACTIVITIES

Dharma Functions

During the period under review, the IBPS (Manchester) organised the following functions:

2

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

Service was well attended. The attendees were very happy and stayed on to help return the Main Shrine to its original state.

Monthly Light Services

These are held on each Full and New Moon. Electric lamps are lit to mark each occasion.

Virtual Meetings

Virtual classrooms were still being used for many activities even though the pandemic had ended. Reading groups classes, talks by Venerables and monthly Directors meeting still use zoom as it encourages more people to attend.

Volunteers

The directors of the charitable company would like to express their gratitude to the volunteers, many of whom are devotees of Manchester Fo Guang Shan Temple. We acknowledge the assistance given by our willing volunteers and our reliance upon this, without which, many of the activities cannot take place.

Volunteers cover areas such as maintaining reception, cooking the lunches for Sunday services, the Sian Dung (Service Attendants) and the numerous people who assist in the preparation for the activities noted earlier. The BLIA Manchester also have members who attend chanting services with the Venerables. A prudent estimate would be that the Manchester volunteers’ time totals over 2,500 hours (2022: 2,500 hours).

Based on the National Minimum Wage rates for adults (21 to 22) of £10.18 (effective April 2023) and £9.18 (effective April 2022 for adults 21-22), this equates to a saved cost of approximately £25,000 (2022: £22,596) and does not include National Insurance Contributions. The cost of volunteers has dropped significantly due to the fact the temple was open up to UK Lockdown in March. This figure also excludes the time our volunteers have helped to set up online activities. Our appreciation also goes out to the volunteers who assist this temple in maintaining the IBPS (Manchester)’s accounting records, as well as producing the statutory accounts.

As there is no reliable method to record volunteer time, this intangible income has not been recognised in the financial statements.

In no particular order, our other activities during the year included:

Thirtieth Anniversary

It is a great joy to celebrate this momentous milestone in the charity’s history. To think we have been propagating Buddhism to the local community since 1993.

To celebrate we held an exhibition at the People’s History Museum on 21 October. This event was attended by The Lord Mayor of Trafford and her consort along with representatives from the Chinese Embassy. There were other distinguished guests.

This event took months of planning and we are delighted it was enjoyed by many of those who attended.

Bank Account

Our previous bankers at Natwest whom we had a harmonious relationship for at least 20 years came to the decision to end the relationship and close all of our bank accounts. We were notified in October and set about finding a new bank to set up a new relationship.

3

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

We also had to ensure the funds held by Natwest were securely held and we moved the funds to IBPS Switzerland.

During the eight months where we had no bank account we continued to operate. Our controls were strengthened and we will be forever grateful for the support from our devotees and volunteers to ensure that we remained operational.

The search for a new bank took longer than expected and we made a number of applications. In the end we are delighted that we have banking facilities with Lloyds Bank.

Culture & Education

The BLIA Manchester Board Members organised the Global Veg Run Campaign for Tree Planting to raise fund for Tree Planting for Manchester City and to encourage all to help Save The Environment. Our tree planting initiative was on 14 October. At the same time, to promote healthy life style. For the second consecutive year we organised a group to go to Longford Park on 28 August.

ACHIEVEMENTS AND PERFORMANCE

- English Sub Chapter

The group continued to hold classes virtually. In June, they organised a Gardening Day in the temple. Everyone was delighted to see each other. It was also nice to no longer maintain social distancing since the relaxation of rules.

As a sign of gratitude for the continued support of this group they organised a family fun day out in August

The Buddha’s Light Scout Group

The only Buddhist scout group in the UK continues to participate in local and national scouting events.

FINANCIAL REVIEW

We can announce we suffered a deficit of £102,528 on the unrestricted fund this year. This was expected given the operational difficulties of having no bank account for half of the year. The unrestricted fund is carrying forward a surplus of £350,099. We will aim to generate another surplus next year. Now we are hopefully building the expectation of a surplus despite our fundraising activities for the refurbishment of the temple continuing to divert effort and resources.

Our financial position is strengthened with the funds under the restricted fund and the advance donations account. At the balance sheet date, the restricted reserve stood at a surplus of £137,820 and the advance donations account stood at zero. The management committee will aim to see that this improvement in our financial position will continue.

4

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

RISK MANAGEMENT

In the temple, there are a number of collection boxes that have now become alarmed (connected to the Police as well installing security cameras) and secured to the wall to deter intruders. The conundrum is that we want to welcome the general public into our temple, and allow them to roam freely. At the same time, we want to ensure our assets and donations are protected.

The pandemic has given us an opportunity to review risks especially in protecting our Venerables and volunteers. We are reviewing how we handle money in the temple to consider the use of a card reader and taking funds electronically.

The management committee continue to monitor any major risks to which the temple and its activities are exposed, and to implement systems and procedures to manage any risks identified.

RESERVES POLICY

The charitable company currently has two reserves: unrestricted reserves contain funds, which are available to use at the discretion of the trustees in furtherance of IBPS (Manchester)’s objectives; restricted reserves contain funds which have specific restrictions imposed by the donor or nature of the appeal.

Given the fundraising to be undertaken to raise funds for the building, the management committee has set a target of £1,000,000 for reserves. They recognise the need to maintain a healthy reserve for unanticipated costs. It is expected the fundraising will take reserves close to the £1,000,000 mark with quotes been obtained for various parts of the building work.

To ensure the charitable company can remain operational an unrestricted fund reserve equivalent to one year’s expenditure (excluding depreciation), approximately £100,000 in the current year will be required. This brings total reserve target to £1,100,000. This is to ensure the temple can continue to run for at least one year without relying on future donations.

The management committee will prepare a prudent budget, and ensure this is followed as closely as possible. Unforeseen circumstances may well lead to dropping the best-laid plans. Measures are now in place to improve the position on the bank balance, and free reserves.

PLANS FOR FUTURE PERIODS AND ACTIVITIES IN 2024

Despite easing restrictions on social distancing, we continue to request all visitors to wear face masks whilst inside the temple.

We were delighted to welcome many local guests to our Wesak Day celebrations on 12 May where we also held a fundraising event through a Vegetarian Food Fair.

The temple wishes to continue to work closely with the local community and other faith groups to promote peace and harmony in the nation. At the same time helping schools with their religious education.

Dharma Services

All regular monthly Dharma Services and Sunday Services will be held in accordance to our previous schedules.

Chinese New Year Celebrations

The temple decided to open its doors to the public again on Lunar Chinese New Year’s Eve, however, the doors will stay open until 11am instead of 2am the next morning.

The temple will re-open its doors at 9am on New Year’s Day for the public to attend to pay respect, offering of the first incense and for the Chanting Service of the Thousand Buddhas Homage Service.

This is all we could arrange to celebrate this event.

5

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

Lantern’s day Events

This is schedule for 25 February 2024 and there will be many activities for all to enjoy.

- The English Sub Chapter

This group continues to forge external relations with the local community. It is also getting stronger and with more people attending the online classes and taking part in activities.

INVESTMENT POLICY

Another area to address is to establish an appropriate investment policy. With the possibility of expensive repairs to the building due in the near few years in mind, it has been decided to place the sum needed into suitable bank accounts to attract the best interest. Various options will be looked at to maximise the return on the funds held, and a decision is to be made in the near future.

The management committee will monitor this policy in the first few years to make best use of existing financial resources.

RESPONSIBILITIES OF THE DIRECTORS

Charity and Company Law requires the directors to prepare financial statements each financial year, which give a true and fair view of the state of affairs of the charitable company and of its financial activities for that period. In preparing those financial statements the directors are required to: -

The directors are responsible for keeping proper books and records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with applicable Accounting Standards and Statements of Recommended Practice and the regulations made under Part 8 of the Charities Act 2011 and section 386 of the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and ensuring their proper application under charity law, and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

This report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the management committee on 18 August 2024 and signed on its behalf by:

Reverend Yu Ju Lin Director

6

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED

FOR THE YEAR ENDED 31 DECEMBER 2023

I report on the accounts for the year ended 31 December 2023 set out on pages 10 to 15.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Wai Wah David Chan FCA WW Chan Accountancy Limited International House 61 Mosley Street Manchester M2 3HZ

Date: 18 August 2024

7

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income
Donations and legacies
5
Income from charitable activities
Operation of temple
6
Income from other trading activities
Reception sales
7
Investment income
Total income
Expenditure
Costs of raising funds
Costs of generating voluntary income
Cost of goods sold and other costs
8
Expenditure on charitable activities
Operation of temple
9
Other resources expended
Total expenditure
Net income before transfers
- Net income/(expenditure) for the year
3
Gross transfer between funds
13
Net movement in funds
Total funds at 1 January 2023
Total funds at 31 December 2023		 Unrestricted
Funds
£
35,562
362,044
5,348
-		 Restricted
Funds
£
98,971
-
-
211
99,182
-
-
105,959
-
105,959
(6,777)
-
(6,777)
144,597
137,820		 Total
funds 31
December
2023
£
134,533
362,044
5,348
211		 Total funds
31
December
2022
£
32,421
204,154
3,442
138
402,954 502,136 240,155
-
38
505,394
50		 -
38
611,353
50		 -
-
121,395
739
505,482 611,441 122,134
(102,528)
-		 (109,305)
-		 118,021
-
(102,528)
452,627		 (109,305)
597,224		 118,021
479,203
350,099 487,919 597,224

The notes on pages 10 to 15 form part of these financial statements.

8

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED

REGISTRATION NUMBER 04272555 BALANCE SHEET

AS AT 31 DECEMBER 2023

Note
FIXED ASSETS
Tangible assets
10
CURRENT ASSETS
Debtors
11
Cash at bank and in hand
CREDITORS: Amounts falling
due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
THE FUNDS OF THE CHARITY
Unrestricted funds
13
Restricted funds
14
TOTAL CHARITY FUNDS
15		 £
7,049
385,835
392,884
(7,917)		 2023
£
102,952
384,967
487,919
350,099
137,820
487,919		 2022
£
113,278
6,480
525,363
531,843
(47,897)
483,946
597,224
452,627
144,597
597,224

For the year ended 31 December 2023 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Members have not required the charitable company to obtain an audit in accordance with section 476(2) of the Companies Act 2006;

The directors acknowledge their responsibility for ensuring the charitable company keeps accounting records that comply with section 386, and preparing accounts which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year, and of its surplus or deficit for the financial year, in accordance with the requirements of section 394, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company;

These accounts are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and in accordance with FRS102 SORP, and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

Approved by the Board on 18 August 2024 and signed on its behalf.

Reverend Yu Ju Lin Director

The notes on pages 10 to 15 form part of these financial statements.

9

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting Policies

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), second edition - October 2021 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and UK Generally Accepted Accounting Practice.

International Buddhist Progress Society (Manchester) Limited meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Cashflow statements

The charity has applied the exemption available to small charities in the Charities SORP (FRS 102) and does not include a Statement of Cash Flows in these Financial Statements.

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

There were no key judgments which the trustees have made which have a significant effect on the accounts.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.

All income is included in the Statement of Financial Activities when the charity is entitled to the income, any performance conditions have been met, there is sufficient certainty that receipt of the income is considered probable and the amount can be measured reliably. The following specific policies are applied to particular categories of income:

Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable.

e) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charitable company has control over the item, any conditions associated with the donated item have been met the receipt of economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the value of services provided by volunteers has not been included in these accounts and refer to the trustees’ annual report for more information about their contribution.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company: this is normally upon notification of the interest paid or payable by the bank.

g) Fund accounting Unrestricted funds comprise of general funds which are available to use at the discretion of the trustees in furtherance of the charitable company's objectives.

Restricted funds are funds received which are subject to specific restrictions as imposed by the donor or nature of the appeal.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

10

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of governance costs

Governance costs are those functions that assist the work of the charitable company but do not directly undertake charitable activities. Governance costs include back office costs, finance, personnel and governance costs which support the charitable company’s activities.

j) Netting off of expenses and related income

No netting off of expenses and income takes place within the accounts of the charitable company, unless the charitable company received income from and incurred expenses on special fundraising events or activities, and they are not material. Under these circumstances it may include only the net figure in the Statement of Financial Activities.

k) Fixed assets

Fixed assets are stated at cost less depreciation with items below £500 in value are not capitalised. Depreciation is provided at rates calculated to write off cost, less estimated residual value of the fixed assets over their useful economic lives as follows: -

Basis Freehold buildings 2% on cost Property improvements 25% on cost Fixtures, fittings and equipment 15% on cost

l) Debtors

Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid after taking into account any discounts due.

m)

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Financial instruments

The charitable company has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2 Legal status of the charitable company

The charitable company is limited by guarantee and has no share capital. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The charitable company is registered in England with its registered office at 540 Stretford Road, Old Trafford, Manchester, M16 9AF

11

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Net incoming resources for the year
This is stated after charging:
2023 2022
£ £
Depreciation 15,246 36,557
Operating lease rentals
Other 1,224 1,224
Directors’ meeting costs 9,969 11,006
Independent examiner’s fees - -

4 Staff and trustees costs

The charitable company did not have any employees during the year under review (2022 - nil), nor received any remuneration.

No employees received remuneration exceeding £60,000 (2022 - nil).

The directors of the charitable company, who are also the trustees, received £11,006 (2022 - £6,679) during the year to cover expenses to attend meetings. Two trustees received expense allowances in the year (2022 - two). The trustees received no remuneration in either year.

There are no related party transactions.

5
Donations and legacies
Unrestricted
Restricted
£
£
General donations
35,562
98,971
6
Income resources from charitable activities
Unrestricted
Restricted
£
£
Dharma functions
162,473
-
Lamp offering
100
-
Funeral services
-
-
Other offering
199,471
-
362,044
-		 5
Donations and legacies
Unrestricted
Restricted
£
£
General donations
35,562
98,971
6
Income resources from charitable activities
Unrestricted
Restricted
£
£
Dharma functions
162,473
-
Lamp offering
100
-
Funeral services
-
-
Other offering
199,471
-
362,044
-		 Unrestricted
£
35,562		 Unrestricted
£
35,562		 Restricted
£
98,971		 Restricted
£
98,971		 2023
£
134,533		 2023
£
134,533		 Unrestricted
£
32,421		 Unrestricted
£
32,421		 Restricted
2022
£
£
-
32,421
Restricted
2022
£
£
-
154,036
-
-
-
10,295
30,837
39,823
30,837
204,154
2023
£
162,473
100
-
199,471		 Restricted
£
-
-
-
30,837
362,044 - 362,044 173,317 30,837

7 Activities from other trading activities

Unrestricted
Restricted
2023
£
£
£
Reception sales
5,348
-
5,348
8
Costs of raising funds: cost of goods sold and other costs
Unrestricted
Restricted
2022
£
£
£
Purchase
of
reception
goods
-
-
-		 Unrestricted
£
5,348		 Restricted
£
-		 2023
£
5,348		 Unrestricted
£
3,442
Unrestricted
£
-		 Restricted
2022
£
£
-
3,442
Restricted
2022
£
£
-
-

12

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

9
Charitable activities
Dharma functions
Property costs
Insurance
Travel and accommodation
expenses
Support costs
IT equipment
Depreciation
Fundraising paid onwards
Sponsorship
Scouts group expenses
Sundry expenses
Directors’ meeting costs
Independent examiner’s fees
10
Tangible fixed assets
Cost
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
Released on disposals
At 31 December 2023
Net book value
At 31 December 2022
At 31 December 2023		 Unrestricted
£
13,949
76,411
8,165
9,313
9,896
33
8,258
368,272
478
-
142
9,969
508		 Restricted
£
-
-
-
-
-
-
6,988
98,971
-
-
-
-
-		 Restricted
£
-
-
-
-
-
-
6,988
98,971
-
-
-
-
-		 2023
£
13,949
76,411
8,165
9,313
9,896
33
15,246
467,243
478
-
142
9,969
508		 Unrestricted
£
9,350
39,543
7,976
4,339
6,416
-
7,798
-
1,000
838
1,720
11,006
(120)		 Unrestricted
£
9,350
39,543
7,976
4,339
6,416
-
7,798
-
1,000
838
1,720
11,006
(120)		 Restricted
£
-
-
-
-
-
-
28,759
2,770
-
-
-
-
-		 Restricted
£
-
-
-
-
-
-
28,759
2,770
-
-
-
-
-		 2022
£
9,350
39,543
7,976
4,339
6,416
-
36,557
2,770
1,000
838
1,720
11,006
(120)
505,394 105,959 611,353 89,866 31,529 121,395
Total
£
839,077
4,920
-
843,997
725,799
15,246
-
741,045
113,278
102,952
180,000 352,062 311,935
93,600
3,600
-		 340,839
6,966
-		 291,360
4,680
-
97,200 347,805 296,040
86,400 11,223 15,655
82,800 4,257 15,895

11 Debtors

Prepayments

2023 2022
£ £
7,049 6,480

13

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

12
Creditors: Amounts falling due within one year
Fundraising for European branches
Accruals and deferred income		 2023
£
1,240
6,677
2022
£

47,510

387
7,917
47,897

In 2009, IBPS (Manchester) undertook some fundraising activities on behalf of the Swiss branch of IBPS to support the programme of repair work to the European temples which has therefore not been included in the Statement of Financial Activities.

As at the year end, the total raised for the European branches was £1,896,760 (£57,108 in the year), with the net balance of £1,240 yet to be passed over to the Swiss branch of IBPS who are co-ordinating this fundraising campaign.

13
Unrestricted funds
Unrestricted funds at 1 January 2023
Income
Expenditure
Surplus/(deficit) for the year
Transfer to general repair fund
Unrestricted funds at 31 December 2023		 2023
£
452,627
402,954
(505,482)
(102,528)
-
350,099
2022
£

334,052

209,180
(90,605)

118,575

-

452,627
14
Restricted funds
Restricted funds at 1 January 2022
Income
Expenditure
Deficit for the year
Transfer from general repair fund
Restricted funds at 1 January 2023
Income
Expenditure
Deficit for the year
Transfer from general repair fund
Restricted funds at 31 December 2023		 General
Repair Fund
£
145,151
30,975
(31,529)
(554)
-
144,597
99,182
(105,959)
(6,777)
-
137,820		 Advance
Donations
Account
£
-
-
-
-
-
-
-
-
-
-
-		 Total
£
145,151
30,975
(31,529)
(554)
-
144,597
99,182
(105,959)
(6,777)
-
137,820

14

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

14 Restricted Funds (cont)

The General Repair Fund was set up to fund the programme of repairs around the temple. So far the major repair work has been carried out on the dormitory area on the top floor. Funds are held for the continuing programme of repairs as and when required.

The Advance Donations Account represents donations made by devotees for the purchase and renovation of the freehold property amounting to £250,000 and have been transferred to the Advance Donation Account, from which £10,000 per annum is to be released to the Income and Expenditure Account over a period of 25 years commencing from the year ended 30 June 1997.

15 Analysis of funds

As at 31 December 2022:
Unrestricted funds
Restricted funds		 Tangible fixed
assets
£
22,134
91,144		 Net Current
Assets
£
430,493
53,453		 Long-term
liabilities
£
-
-		 Total
£
452,627
144,597
113,278 483,946 - 597,224

As at 31 December 2023:

Unrestricted funds
Restricted funds		 Tangible fixed
assets
£
18,797
84,155		 Net Current
Assets
£
331,302
53,665		 Long-term
liabilities
£
-
-		 Total
£
350,099
137,820
102,952 384,967 - 487,919

16 Operating leases

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

Equipment
2023 2022
£ £
Less than one year 1,224 1,224
One to five years 3,973 5,197
More than five years - -

15

INTERNATIONAL BUDDHIST PROGRESS SOCIETY (MANCHESTER) LIMITED DETAILED INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

(This statement does not form part of the statutory accounts)

INCOME
Donations
Dharma functions
Lamp offering
Other offering
Funeral services
Reception sales
Gross interest received
Building fund
ADMINISTRATIVE EXPENSES
Purchase of food
Festival and festival expenses
Souvenirs
Rates
Light and heat
Travelling
Motor expenses
Printing, postage and stationery
Telephone
IT equipment
Repairs and renewals
Cleaning
Insurance
Accountancy
Legal and professional
Depreciation
Bank charges
Summer camp
Scouts group expenses
Flowers
Directors meeting costs
Sangha allowance
Fundraising paid onwards
Sponsorship
Donations
Sundry expenses
(DEFICIT)/SURPLUS FOR THE YEAR		 £
2,900
6,023
38
626
63,115
9,313
-
6,352
3,544
33
8,061
4,609
8,165
508
-
15,246
50
-
-
5,026
9,969
-
467,243
478
-
142		 2023
£
35,562
162,473
100
199,471
-
5,348
211
98,971
502,136
611,441
(109,305)		 2022
£
32,421
154,036
-
39,823
10,295
3,442
138
-
240,155
2,905
2,858
-
595
29,856
4,340
-
2,650
3,723
-
5,060
4,032
7,976
(120)
-
36,557
739
42
838
3,587
11,006
-
2,770
1,000
-
1,720
122,134
118,021

16